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UK’s FCA blacklists unregulated broker Fin-TechPrime

 

UK’s Financial Conduct Authority (FCA) has published a warning against the forex and CFD broker Fin-TechPrime. According to the FCA, the broker has been targeting UK without their authorization.

 

As usual, the UK financial watchdog also warned that some firms who provide financial services in the country illegally knowingly run investment scams.

 

Fin-TechPrime, operating via the website fin-techprime.com, offers trading in forex and various CFDs with a focus on cryptocurrencies. The brand is allegedly operated by Morgan Ltd - a company with an official address in Bulgaria, which, however, is registered offshore, on the Marshall Islands. Needless to say, the company does not hold a valid forex broker license. On top of that, it seems that the cost of trading with Fin-TechPrime is excessively high.

 

We keep reiterating that forex brokers registered in offshore destinations such as the Marshall Islands, are not to be trusted. Many of them are outright scams, and even if they are not, their clients have no protection whatsoever if something goes wrong. Meanwhile, all brokers licensed by UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS). So, you’d better check a broker’s name in FCA’s register of licensed companies prior to investing in it.

 

In an attempt to protect investors, the FCA regularly updates its warning list with unregulated brokers operating in the UK. Earlier this month the regulator blacklisted Trade Capital and Meta Investing.

 

TAGS: FCA  warning  Fin-TechPrime  scam  UK  regulation 
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